This topic contains a solution. Click here to go to the answer
« previous next »

Author Question: Stuck in Cleveland You purchased a roundtrip ticket to a friend's wedding in Cleveland on Saturday ... (Read 56 times)

P68T

  • Hero Member
  • *****
  • Posts: 509
on: Jul 1, 2018
Stuck in Cleveland You purchased a roundtrip ticket to a friend's wedding in Cleveland on Saturday for 400, but on Sunday you discover your return flight is canceled due to weather. The airline will not be able to get you back home until late Monday but Greyhound has an overnight bus route that arrives at 6:00am Monday for 60 . What is the opportunity cost of missing work on Monday?

Question 2

Owners of a parking lot are deciding whether or not to add more parking spaces to the lot. The owners should stop adding parking spaces where:
 a. LRMR=LRMC
 b. LRMR>LRMC
 c. LRMR d. None of the above


Related Topics

Need homework help now?

Ask unlimited questions for free

Ask a Question
Marked as best answer by a Subject Expert

nital

  • Sr. Member
  • ****
  • Posts: 320
Reply #1 on: Jul 1, 2018
Answer to Question 1

Since the airline will fly you later, it will not cost any more to get home if you are willing to miss work on Monday. But if you want to be at work on Monday, the airline ticket is a sunk cost. At this point, the cost of being at work on time, if a bit haggard, is the 60 bus fare.

Answer to Question 2

a


P68T

  • Member
  • Posts: 509
Reply 2 on: Jul 1, 2018
Wow, this really help

ebonylittles

  • Member
  • Posts: 318
Reply 3 on: Yesterday
:D TYSM

« previous next »
 

Did you know?

Coca-Cola originally used coca leaves and caffeine from the African kola nut. It was advertised as a therapeutic agent and "pickerupper." Eventually, its formulation was changed, and the coca leaves were removed because of the effects of regulation on cocaine-related products.

Did you know?

Computer programs are available that crosscheck a new drug's possible trade name with all other trade names currently available. These programs detect dangerous similarities between names and alert the manufacturer of the drug.

Did you know?

Ether was used widely for surgeries but became less popular because of its flammability and its tendency to cause vomiting. In England, it was quickly replaced by chloroform, but this agent caused many deaths and lost popularity.

Did you know?

Astigmatism is the most common vision problem. It may accompany nearsightedness or farsightedness. It is usually caused by an irregularly shaped cornea, but sometimes it is the result of an irregularly shaped lens. Either type can be corrected by eyeglasses, contact lenses, or refractive surgery.

Did you know?

In 1835 it was discovered that a disease of silkworms known as muscardine could be transferred from one silkworm to another, and was caused by a fungus.

A thermostat stuck in the open position caused the engine to operate too cold. The vehicle failed ... A thermostat stuck in the open position caused the engine to operate too cold. The vehicle failed ...
The profit, p(t), made at a fair depends on the price of the ticket, t. The profit is modelled ... The profit, p(t), made at a fair depends on the price of the ticket, t. The profit is modelled ...
A government of Ontario 364-day T-bills with a face value of $50 000 were purchased on January ... A government of Ontario 364-day T-bills with a face value of $50 000 were purchased on January ...
A company purchased 26 desks for $240 each and 18 chairs for $59 each. Compute the total ... A company purchased 26 desks for $240 each and 18 chairs for $59 each. Compute the total ...
Bolier - Best Friend (Never Let Me Down) [Official Music Video] Bolier - Best Friend (Never Let Me Down) [Official Music Video]
Message from friend Message from friend
Video: Reflex arc construction

For a complete list of videos, visit our video library